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GAQM ISO 31000 - Certified Lead Risk Manager Sample Questions:

1. Risk management as defined by OCEG GRC model is:

A) Capability to proactively encourage and ensure compliance with established policies and boundaries
B) Capability to set and evaluate performance against objectives
C) Capability to proactively identify, assess and address uncertainty and potential obstacles to achieving objectives

2. Which type of risk remains after risk treatment has been applied?

A) Controlled risk
B) Accepted risk
C) Avoidance risk
D) Residual risk

3. Which teams are composed of cross functional subject matter experts, risk experts, and process owners?

A) Crisis Information teams
B) Risk assessment teams
C) Project management teams
D) Crisis management teams

4. When defining the success measures for the organization's risk strategy, the risk management professional will include which of the following steps?

A) A review of the goals and objectives of the risk strategy
B) The development of timelines for implementing the risk strategy
C) An analysis of the organization's total cost of insurable risk
D) A selection of appropriate media for communicating the risk strategy

5. What is the role of risk management in the strategic planning process?

A) Draft the decisions to be made.
B) Identify threats and opportunities.
C) Challenge the decisions made.
D) Develop risk treatment plans.

Solutions:

Question # 1 Answer: C

Question # 2 Answer: D

Question # 3 Answer: B

Question # 4 Answer: A

Question # 5 Answer: B